President Donald Trump on Monday announced his administration will impose “reciprocal” 25 percent tariffs on imports from U.S. allies Japan and South Korea, citing continuing trade imbalances with two of America’s closest allies and most significant trading partners.
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In nearly identical letters, Trump wrote, in his customary style:
[W]e have decided to move forward with you, but only with more balanced, and fair, TRADE. We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far.
Trump also warned both countries not to retaliate by increasing their own import taxes on U.S. goods:
Please understand that the 25% is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country. If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto